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Gold/Mining/Energy : Position Trading in Canada

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To: Ward Nicholson who wrote (2049)	2/21/2000 4:52:00 PM
From: mick	Read Replies (1) of 2259

Markets Overvalued ? How can you say this. We just need to change the way we value things. I remember when they said you value Internet companies at 8x sales. With UBS, we just change it to 100x sales and presto - we reach the correct valuation. For RIM, we should pay 700x earnings - why that is only 300x next years earnings - its a bargin. Using this, you can surely see that NT is bloody cheap - trading at 60x next years earnings forecast. I understand that many companies are considering discontinuing dividend payments. Why should they pay this when classical company valuations no longer matter. Ward, you are right for the most part to hold cash. I got caught in the pre-BXM gold fantasy and was stung badly. I don't know what is going to make people see reason this time. The speculative feveor is rampant in tech stocks. Personally, I am looking for value plays - with the belief that they will appreciate in time. If you look at TREa.t, it is trading under 4x earnings at the bottom of the pulp and paper market cycle. I was going to get some Sherrit since NI is recoverying nicely. I listened to some fund managers on ROBtv and just about killed myself laughing listening to these guys. No wonder the tech/biotech markets are going crazy with morons like these. Still, if I had listened to them, I would be doing very well. I purchased UBS and SYD when they were below $ 1 and sold out way early (if I had a crystal ball ...). I think some of the oil and gas valuations also look very promising. Its hard to say though. If the market wakes up, and find they bought a bunch of useless tech stocks (or in most cases, paid multiples of what they should be worth), this could further effect value plays. So if you can think of a better value play than TREa, let me know. Cheers

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